Pershing Square Capital Management · activist-deck
McDonald's Corporation (MCD)
58 pages · 4 arc beats · 3 loops
McDonald's Corporation (MCD)
Pershing Square Capital Management · 2006-01 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
4 coverage by narrative range · generated from this deck JSON
Narrative range 37 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 3 slides 100% 3/3 slides 100% 3/3 slides · 19 hits — 0/3 slides
66.7% 2/3 slides 33.3% 1/3 slides 100% 3/3 slides — 0/3 slides
Agitate 4 slides 100% 4/4 slides 100% 4/4 slides · 26 hits — 0/4 slides
— 0/4 slides
50% 2/4 slides 100% 4/4 slides — 0/4 slides
Solution 28 slides 100% 28/28 slides 100% 28/28 slides · 164 hits — 0/28 slides
32.1% 9/28 slides · 10 hits 64.3% 18/28 slides 100% 28/28 slides 21.4% 6/28 slides Action 2 slides 100% 2/2 slides 100% 2/2 slides · 4 hits — 0/2 slides
50% 1/2 slides — 0/2 slides
100% 2/2 slides — 0/2 slides
Slide inventory
58 every slide · same image gating as the playbook
07
The slide uses a diagnostic approach to identify why a subsidiary is underperforming relative to franchisees.diagnose_problem
Open slide detailBeat · Problem
08
The slide highlights the performance gap between company-owned and franchised units, adjusted for market rent and franchise fees.compare_peers
Open slide detailBeat · Problem
09
Part of an activist investor deck targeting McDonald's.diagnose_problem
Open slide detailBeat · Problem
10
The slide uses a process flow diagram to illustrate the capital allocation strategy.propose_solution
12
The slide uses a 'Pershing' perspective to frame the conflict as a systemic issue.expose_contradiction
Open slide detailBeat · Agitate
13
The slide uses a callout box to detail a specific failure case ('Made for You') to illustrate the broader point about poor decision-making processes.expose_contradiction
Open slide detailBeat · Agitate
14
The slide presents two specific points (4 and 5) from a larger list of franchisee feedback.summarize
Open slide detailBeat · Agitate
17
The slide uses a hierarchical organizational chart to illustrate a proposed corporate restructuring.present_solution
Open slide detailBeat · Solution
18
The slide uses a callout box to emphasize the rarity of the business model.summarize
Open slide detailBeat · Solution
20
The slide uses a before-and-after adjustment to reclassify EBITDA, highlighting the underlying value of the brand versus company-operated restaurants.analyze_data
Open slide detailBeat · Solution
21
The slide uses a provocative thesis to challenge the market's valuation of the company as a restaurant operator.frame_problem
Open slide detailBeat · Solution
22
Uses sum-of-the-parts valuation logic to justify a higher share price.show_valuation_bridge
Open slide detailBeat · Solution
24
The slide outlines a corporate restructuring plan involving an IPO and debt financing.present_solution
Open slide detailBeat · Solution
26
The slide uses a matrix structure to categorize stakeholder-specific risks associated with the proposed McOpCo IPO.preempt_rebuttal
Open slide detailBeat · Solution
28
This slide outlines a strategic restructuring proposal for McDonald's.propose_solution
Open slide detailBeat · Solution
29
The slide continues a multi-step plan for value creation.propose_solution
Open slide detailBeat · Solution
30
The slide uses a grid structure to map stakeholder-specific concerns against thematic categories.preempt_rebuttal
Open slide detailBeat · Solution
31
The slide uses a two-column layout to contrast the current issue with the proposed benefits.propose_solution
32
The slide uses a hierarchical list structure to detail the benefits of the proposed McOpCo spin-off.propose_solution
Open slide detailBeat · Solution
35
The slide uses a Q&A format to preemptively address stakeholder concerns.preempt_rebuttal
Open slide detailBeat · Solution
37
The slide uses a comparison framework to contrast current issues with the benefits of the proposed spin-off.propose_solution
Open slide detailBeat · Solution
38
The slide argues for a valuation multiple of 12.5x-13.5x EV/2006E EBITDA based on peer similarity.compare_peers
39
The slide uses a waterfall-like logic to bridge current valuation to a revalued state based on sum-of-the-parts.show_valuation_bridge
40
Includes a callout box explaining the underlying EBITDA assumptions and the resulting stock price range.show_valuation_bridge
41
The slide uses a specific FCF calculation methodology defined in the text block.quantify_opportunity
Open slide detailBeat · Solution
42
The slide uses a list-based argument structure to address potential concerns about transaction complexity and cost.preempt_rebuttal
Open slide detailBeat · Solution
43
The slide uses a 'preempt_rebuttal' strategy by explicitly stating that the current valuation is conservative and does not account for these potential improvemeshow_valuation_bridge
44
The chart uses a bridge/waterfall structure to show the cumulative impact of different value-creation levers.show_valuation_bridge
45
The slide uses a checkmark list to emphasize the positive outcomes of the proposal.summarize
Open slide detailBeat · Action
48
The table illustrates the allocation of costs and revenue to demonstrate that McOpCo is not paying market rates for rent or franchise fees.analyze_data
49
Includes specific annotations (blue arrows) highlighting inter-company eliminations for rent and franchise fees.analyze_data
50
Contains specific financial modeling assumptions for a transaction involving McOpCo and McDonald's.appendix
51
The slide outlines a specific corporate finance transaction structure involving a parent company (McDonald's) and a subsidiary (McOpCo).present_solution
52
The slide uses a yellow callout box to emphasize the key takeaway regarding tax liability.analyze_data
53
The slide explicitly states the assumption that no incremental debt is issued post 9/30/2005.appendix
54
Includes pro forma adjustments for share buybacks and minority interest.analyze_data
56
The table compares current valuation metrics against a post-IPO scenario for McOpCo, showing an implied share price premium.appendix
57
The slide provides a breakdown of unit-level economics comparing US McOpCo, International McOpCo, and US Franchisee units.analyze_data
58
The slide uses a dashed line to anchor the 1999 peak price against the subsequent performance.analyze_data